ACC401- Final

ACC401- Final - 1 On January 1 2010 P Corporation purchased...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1. On January 1, 2010, P Corporation purchased 75% of S Corporation for $500,000. S’s stockholders’ equity on that date was equal to $600,000 shares of previously unissued stock on December 31, 2010. Assume S sold the 8,000 shares to outside interests, P’s percent ownership would be: (Points : 10) 56 1/4% 62 1/2% 75% 79 1/6% 2. When the parent company sells a portion of its investment in a subsidiary, the workpaper entry to adjust for the current year’s income sold to noncontrolling stockholders includes a (Points : 10) debit to Subsidiary Income Sold. debit to Equity in Subsidiary Income. credit to Equity in Subsidiary Income. credit to Subsidiary Income Sold. 3. The purchase by a subsidiary of some of its shares from noncontrolling stockholders results in the parent company’s...
View Full Document

{[ snackBarMessage ]}

Page1 / 3

ACC401- Final - 1 On January 1 2010 P Corporation purchased...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online